Deals
Bubble-Tea Chain Gong Cha Owner Mulling Sale in Strategic Review
- TA Associates working with Citigroup; also weighing an IPO
- Value of the business could be at least $600 million in a deal
This article is for subscribers only.
U.S. private equity firm TA Associates is considering strategic options for its bubble-tea chain Gong Cha, including a potential sale or an initial public offering, according to people with knowledge of the matter.
The Boston-based buyout firm is working with Citigroup Inc. to identify the best course for Gong Cha, said the people, who asked not to be identified as the information is private. The value of the business could be at least $600 million, and a sale or an IPO could happen as soon as next year, they said.